Vending

Carvana lifts sales, trims losses for Q1 2021

Image courtesy of Carvana.

May 7, 2021

Carvana, an e-commerce platform for buying used cars that delivers cars to customers with a massive, coin-operated vending machine, reported net sales rose from $1.09 billion in Q1 2020 to $2.25 billion in the three months ending March 31, 2021, according to an earnings release.

Net loss for the quarter improved from $184 million in Q1 2020 to $82 million in Q1 2021.

Net loss per share of Class A common stock improved from a $1.19 loss in Q1 2020 to a 46-cent loss in Q1 2021.

The $2.25 billion in revenue beat analyst expectations by $300 million, while the GAAP EPS of a 46-cent loss beat expectations by 21 cents, according to Seeking Alpha.

Shares traded at $256.60 today against a 52-week range of $83.10-$323.39.

The number of retail units (vehicles) sold rose from 52,427 in Q1 2020 to 92,457 in Q1 2021.

The average number of unique monthly visitors to the company website rose from 6.8 million to 13.2 million in the comparative periods.

Gross profit per unit rose from $2,640 to $3,656 in the comparative quarters.

The number of used vehicles sold rose from 964 in Q1 2020 to 1,800 in Q1 2021.

"First quarter results were exceptional across all key metrics," Ernie Garcia, founder and CEO of Carvana, said in the press release. "We delivered triple-digit revenue growth and record retail unit sales while simultaneously increasing GPU and driving operating leverage. While we are extremely proud of these results, we are even prouder of the team that got us here, of the business we have built together, and of the great experiences that we deliver to our customers."